Sure, it's supply and demand, but the key difference this year is that the rental agencies have cut supply a ton. Demand has probably dropped a bit, but supply has dropped a lot.

Even on my cheap rentals, I find it interesting to arrive and look around the rental lot and see about 1/4th the total cars I used to see at a big National or Hertz station. Sometimes the Exec Aisle will only have 4-5 cars on it - still good stuff like Maximas and such, but not a long row of them like 3-4 years ago.